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Can the matching model account for Spanish unemployment?

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Author Info
Raquel Fonseca () (Université Cataholique de Louvain and CEPREMAP)
Rafael Muñoz (Université Cataholique de Louvain and Université Cergy-Pontoise)

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Abstract

This paper aims at explaining the dynamics of the Spanish labour market, focussing in particular on the high persistence of unemployment and the dynamics around the Beveridge curve. We develop a stochastic dynamic general equilibrium model in which we assume that the labour market may be characterised by coordination failures in the matching process between vacancies and the unemployed. The model is then calibrated and simulated for the Spanish economy. Two sources of disturbances are considered: a traditional technological shock that initiates movements along the Beveridge curve; and reallocation shocks that shift the Beveridge curve. Our results suggest that the model is capable of accounting for the main stylised facts characterising the Spanish labour market. We also analyse the movements around the Beveridge curve. Our results also indicate that reallocation shocks are the main source of shocks driving labour market dynamics.

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Publisher Info
Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 27 (2003)
Issue (Month): 2 (May)
Pages: 277-308
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Handle: RePEc:iec:inveco:v:27:y:2003:i:2:p:277-308

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Related research
Keywords: Technological shock; reallocation shock; matching process; Beveridge curve;

Other versions of this item:

Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J64 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Unemployment: Models, Duration, Incidence, and Job Search

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Chéron, A. & Langot, François, 1999. "The Phillips and Beveridge curves revisited," CEPREMAP Working Papers (Couverture Orange) 9905, CEPREMAP.
    Other versions:
  2. Marimon, Ramon & Zilibotti, Fabrizio, 1998. "'Actual' versus 'virtual' employment in Europe Is Spain different?," European Economic Review, Elsevier, vol. 42(1), pages 123-153, January. [Downloadable!] (restricted)
    Other versions:
  3. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  4. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November. [Downloadable!] (restricted)
  5. Sonsoles Castillo & Juan F. Jimeno & Omar Licandro, . "Employment segmentation, labour mobility and Mismatch: Spain, 1987-1993," Working Papers 98-04, FEDEA. [Downloadable!]
    Other versions:
  6. Una-Louise Bell, 1997. "A Comparative Analysis of the Aggregate Matching Process in France, Great Britain and Spain," Banco de España Working Papers 9721, Banco de España.
  7. Harald Uhlig, 1998. "A Toolkit for Analysing Nonlinear Dynamic Stochastic Models Easily," QM&RBC Codes 123, Quantitative Macroeconomics & Real Business Cycles. [Downloadable!]
    Other versions:
  8. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1993. "Labor Hoarding and the Business Cycle," NBER Working Papers 3556, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  9. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November. [Downloadable!] (restricted)
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  10. Mortensen, Dale T & Pissarides, Christopher A, 1994. "Job Creation and Job Destruction in the Theory of Unemployment," Review of Economic Studies, Blackwell Publishing, vol. 61(3), pages 397-415, July. [Downloadable!] (restricted)
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  11. Dolado, Juan J. & Jimeno, Juan F., 1997. "The causes of Spanish unemployment: A structural VAR approach," European Economic Review, Elsevier, vol. 41(7), pages 1281-1307, July. [Downloadable!] (restricted)
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  12. Hosios, Arthur J, 1990. "On the Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Blackwell Publishing, vol. 57(2), pages 279-98, April. [Downloadable!] (restricted)
  13. Merz, Monika, 1999. "Heterogeneous job-matches and the cyclical behavior of labor turnover," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 91-124, February. [Downloadable!] (restricted)
  14. Merz, Monika, 1995. "Search in the labor market and the real business cycle," Journal of Monetary Economics, Elsevier, vol. 36(2), pages 269-300, November. [Downloadable!] (restricted)
  15. Danthine, Jean-Pierre & Donaldson, John B., 1990. "Efficiency wages and the business cycle puzzle," European Economic Review, Elsevier, vol. 34(7), pages 1275-1301, November. [Downloadable!] (restricted)
  16. Luis A. Puch & Omar Licandro, 1997. "Are there any special features in the Spanish business cycle?," Investigaciones Economicas, Fundación SEPI, vol. 21(2), pages 361-394, May. [Downloadable!]
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  17. Samuel Bentolila, . "Internal migration in Spain," Working Papers 2001-07, FEDEA. [Downloadable!]
  18. Andolfatto, David, 1996. "Business Cycles and Labor-Market Search," American Economic Review, American Economic Association, vol. 86(1), pages 112-32, March. [Downloadable!] (restricted)
  19. Oliver Jean Blanchard & Peter Diamond, 1989. "The Beveridge Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1989-1), pages 1-76. [Downloadable!]
  20. Juan José Dolado & Ramón Gómez, 1997. "La relación entre desempleo y vacantes en España: perturbaciones agregadas y de reasignación," Investigaciones Economicas, Fundación SEPI, vol. 21(3), pages 441-472, September. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bunzel, H. & Bhattacharya, J, 2003. "Chaotic planning solutions in the textbook model of labor market search and matching," Discussion Paper 15, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Bhattacharya, Joydeep & Bunzel, Helle, 2003. "Dynamics of the planning solution in the discrete−time textbook model of labor market search and matching," Staff General Research Papers 10253, Iowa State University, Department of Economics.
  3. Héctor Sala & José I. Silva, 2009. "Flexibility at the margin and labour market volatility: The case of Spain," Investigaciones Economicas, Fundación SEPI, vol. 33(2), pages 145-178, May. [Downloadable!]
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